(A) In computing the amount of motor fuel tax due, the supplier is entitled to a credit against the tax payable in the amount of tax paid by the supplier that is uncollectible from an eligible purchaser.
(B) The supplier shall provide notice to the department of a failure to collect tax within ten days following the earliest date on which the supplier was entitled to collect the tax from the eligible purchaser under Section 12-28-925.
(C) The department shall promulgate regulations establishing the evidence a supplier shall provide to receive the credit.
(D) The credit must be claimed on the first return following the date of the failure of the eligible purchaser if the payment remains unpaid as of the filing date of that return or the credit is disallowed.
(E) The claim for credit must identify the defaulting eligible purchaser and any tax liability that remains unpaid.
(F) If an eligible purchaser fails to make a timely payment of the amount of tax due, the supplier's credit is limited to the amount due from the purchaser, plus any tax that accrues from that purchaser for a period ending upon the date the supplier receives notice from the department of revocation of eligible purchaser status.
(G) No additional credit is allowed to a supplier under this section until the department authorizes the purchaser to make a new election under Section 12-28-925.